A character is a Pedophile.
One of the main characters holds up her breasts for her boyfriend.
There is an uncensored version of season one that was not aired on television. I'm sure you can guess why.
The main theme of the show is sex. The main protagonist decides to pursue a girl who has a reputation for being sexually "easy" in the hopes of losing his virginity.
There are strong sexual references and innuendo in almost every scene; teenage characters use slang to refer to breasts and sex such as "titties", "knockers", "tap that ass", "getting laid", etc.
A running gag of the show is the main character's sexual fantasies. While no sex scenes are actually shown, they often portray the lead-up to such, including girls removing their tops and grinding on the crotch of the main character. There is no explicit breast nudity. (This is partially censored in the television version.)
Some viewers may be disturbed by one of the main protagonist's friends, who repeatedly refers to his sexual desire for elementary school girls, though it is seemingly played for laughs.